Westlake Village-based LTC Properties matched analyst projections on funds from operations but missed on revenue in its second quarter earnings.
The publicly traded real estate and investment trust earned $29.2 million in FFO for the second quarter, up 22 percent from $24 million for the comparable 2015 period. That matched analyst expectations of 77 cents per diluted share.
LTC reported $22.1 million in net income, or 58 cents a share, up from $17 million, or 48 cents a share, last year. It reported $33.07 million in revenue, up 21.9 percent on the year, but missing estimates by $390,000.
LTC is a real estate investment trust that buys facilities like nursing homes through sale-leaseback transactions and mortgage financing. Investors in such companies often use funds from operations as a substitute for earnings per share because it takes depreciation and amortization into account.
During the second quarter LTC acquired two memory care communities in Kansas totaling 120 units for $25 million. It also purchased a newly built 60-unit memory care community in Kentucky for $14.3 million and a 70-unit assisted living and memory care community in Georgia also for $14.3 million.
LTC shares traded down 29 cents, or 0.54 percent, to $53.24 at the market’s close on Aug. 1.
• Contact Alex Kacik at [email protected]